Nevada County picayune., 1887-10-06
JEFFERSON ON PAPER MONEY.

And yet even al that, you will suoiI he at the bottom of the loan-bag. We are an agricultural nation. Such an one employs it's sparings in the purchase, or improvement of land or stocks. The lendablc money among them. is chiefly that of orphans and wards, in the hands of executors and guardians. and that which the farmer lays by till ne has enough for the purchase in view. In such nation there is one and one only, resource for loans, sufficient to carry them through the expenses of war; and that will always be sufficient, and in the power of an honest govern nient, punctual in the preserva- tion oflts faith. The fund I mean, is the mass of circulating coin. Every one knows, that although not literally, it is nearly true, that every paper dollar emitted ban ishcs silver one from the circu- lation. A nation, therefore, mak. ing it's purchases and payments with bills fitted for circulation, thrusts an equal sun of coin out of circulation."-JeffersOn works, Vol. VI, P. 139.
 "In this way, am not without hope, that this great, this sole re- source for loans in an agricultural country, might ye, be recovered for the use of the nation during war; aud, if obtained in perpetu. um, it would always be sufficient to carry us through any war; pro vided, that in the interval between war and war, all the outstanding paper should be called in, coin be permitted to flow in again, and to hold the field of circulation until another war should require it's yielding place again to the national medium."-Jcfferson's works, Vol. VI, r. Al. a
 Bank paper must be suppress ed, and the circulating medium must be restored to the nation to whom It belongs. It x he only fund upOn whieh they can rely FOR LOANS; it is the only resource which can never fail them, and it is an abundant one for every nee. essary purpose. 7feasury bitis. bottomed on tarex, bearing or not bearing interest, as may be found necessary, thrown into circulation will take the place of so much gold and silver, which last, when crow ded will find an efflux into other countries, and thus keep the qnan- tum of medium at its saIutary lev. el."-JeffersOns works, V. 6, p. l99. t'"We are now without any medi- um; and necessity. as well,as patri Otism and confidence will make us eager to receive treasury notes. if fOunded On specific tdTes."-Jefier- sons works, Vol. VI, P. 3S2,
 ''But Congress could then have issued treasury notes, payable within a fixed period, and founded On a specific tax, the proceeds of which, as they come in, should be exchangeable for the notes of that particular emission only" ."-,JeTer. sons works, Vol. VI, P. 3S2.
 .3 ''rreasuiN uutrs cf small as well as high denomination, hottomed on a tax which would redeem them in ten years, would place at our disposal the whole circulating me- dium of the United States: fund of credit sufficient to carry us through any probable length of war. ."-Jefferson's works, Vol. VI, P. 4I9.
 "In both cases, the truth IS, that capital may be produced by indus try, and accumulated by economy; but j"gglers only propose to create it by legerdemain tricks with pa per. '-JeifersOn's works, v.6, p 2ll.
 "There is indeed a convenince in paper; it's easy transmission from one place to another. But this may be mainly supplied by bills of Exchange, so as to prevent any great displacement of actual coin. Two places trading togeth. CT balance their dealings, for the most part, by their mutual sup plies, and the debtor individuals of either may, instead of cash, re. init the bills of those who are cred itors in the same dealings; or may obtain them through some third place with which both have deal. ings. The cases would be rare where such bills could not be ob tained either directly or circuit ously, and too unimportant 10 the nation to overweight the train ol evils flowing from paper circu'a' tiOn.--JeffersOn's works, V. 6, D 23I
 And it is for this petty addition to the capi tal of the nation, this minimum of one dollar added to one hundred and thirty three anc Il third. or three fuurths per cent, that W, are to give mp our gold and silver medium its intrinsic solidty, its universal value anC its sayiugpowers in time of war, and to sub stitute for it paper, with all its train of evils moral, political and physical, which l vii not pretend to enumerate. ."--.Ieiferson' works, Vol VI. F. 23G.
 ''The bankruptcies in London, have re commenced with new force. There is n' saying where this fire will end, perhaps il the general conilagrtion of all their paper If not now, it must erelong. With onl. twenty millions of coin, and three or fou